IREN is a stock I own mainly because it has the most guaranteed power: over 5 gigawatts. Nvidia and Microsoft have multi-year contracts. Its $4 billion target is contracted while it uses 10% of secured energy, so it could support 10 times that once built. Construction needs capital IREN lacks, making it volatile.

But before anyone can order Vertiv systems, they need grid-connected power in the first place, and that's where IREN comes in. IREN has over 5 gigawatts of guaranteed power across the United States, Canada, Spain and Australia, which it uses for AI data centers .

Nvidia itself has a $ 3.4 billion, 5-year cloud contract with IREN, and has also acquired an option to purchase 30 million shares of IREN stock at $70 per share.

IREN stock is currently trading at $35 per share, which means an increase of Microsoft also signed a 5-year, $9.7 billion agreement to acquire IREN capacity and paid 20% of it upfront.

In July, IREN signed another $2.8 billion in contracts, and its clients now include Perplexity and Figure AI.

In fact, IREN’s $ 4 billion operating rate target for this year is fully covered by contracts, and it is still only using about 10% of the energy it has already secured. This means they will be able to support about 10 times that number once they have built and fully operationalized their AI infrastructure.

This is a major reason why this stock is so volatile. Building data centers requires money that IREN does not yet have, so they have to continue raising capital to bridge that gap.

But what makes IREN special is that it has the most guaranteed power relative to its size, and that is the main reason I own it.